BUSINESS

Early approval of plans brings in 2 bln euros

By Evgenia Tzortzi

The government has great expectations for the utilization of resources from the new European Union funding period (2014-2020), totaling 26 billion euros and expects the first couple of billions to roll in immediately unlike in the past when the waiting period could amount to some two years.

The recent successful completion of negotiations for the approval of the Greek program of subsidies by the European Commission, the third fastest among the 28 member states, allows for the immediate funding of the local economy, which is in desperate need of new capital.

The Development Ministry has therefore secured the early inflow of resources amounting to 2 billion euros from the new program of subsidies in the form of front-loaded funding for the 2014-2015 period. This will allow Greece to absorb resources from the new period from its very first year, and combined with the funds from the previous funding period, the resources Greece is set to absorb in 2014-2015 add up to 8 billion euros.

The plan provides for the use of funds to offer immediate support to the long-term unemployed, people with disabilities and other vulnerable social groups, and to boost growth.

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